WASHINGTON, D.C. – House Ways and Means Social Security Subcommittee Chairman Sam Johnson (R-TX) announced today that the Subcommittee will hold a hearing entitled “Social Security’s Solvency Challenge: Status of the Social Security Trust Funds” on Friday, July 14, at 10:00 AM in room 2020 of the Rayburn House Office Building. At the hearing, Members will discuss the status of the Federal Old-Age and Survivors Insurance (OASI) and Federal Disability Insurance (DI) Trust Funds and the effects of delaying action to address Social Security’s future insolvency.
Upon announcing the hearing, Chairman Johnson said:
“I am committed to making sure that Social Security is a program our children and grandchildren can count on, just like seniors and individuals with disabilities do today. Social Security is on a path toward insolvency. This hearing will be a fact-based conversation to review Social Security’s finances and what delaying action to address Social Security’s solvency really means.”
According to last year’s Trustees Report, Social Security’s combined Trust Funds will be exhausted in 2034, at which point beneficiaries would face a 21 percent across the board benefit cut unless Congress acts. The Trustees estimated that, if no action is taken, the Disability Insurance (DI) Trust Fund would be unable to pay full benefits in 2023. The Trustees also noted that the gap between Social Security’s costs and revenues over the next 75 years is equal to $11.4 trillion, up from $10.7 trillion in 2015.